Precise launches HNW buy-to-lets
The maximum loan size on the lender’s selected lifetime tracker buy-to-let products increased to £2m from £1m with a 3.69% interest rate and 2.5% product fee up to 60% loan-to-value.
Rental coverage required is 125% of pay rate or revert rate, whichever is higher. In the case of lifetime trackers pay rate and revert rate are the same, so in this case it is 125% of 3.69%.
Borrowers must have a minimum of £100,000 verifiable income
Maximum loan sizes on Precise’s selected lifetime tracker buy-to-let products increased to £3m from £1m with interest rates starting from 3.80% and product fees ranging from 1.00% to 1.50%.
Selected products are available to SPF Private Clients, Legal & General Nouveau Club and Knight Frank.
These products are also available in the bridge-to-let range which allows them to be used as an exit to a bridging loan with Precise Mortgages.
Alan Cleary, managing director of Precise Mortgages, said: “Until now buy-to-let loans for over £1m were the preserve of private banks but now mortgage intermediaries have another option.
“Our lifetime trackers are very popular with high net worth landlords that have lower yielding properties in London Zones 1 and 2 where typical rental yields are 2.5% to 4%; this product requires rental yields in the 2.7-3% range so should be a hit.”